Due to a uncontrolable situation I am in desperate need of quick cash,I need to withdraw about $7000.00 from my 401k is that allowed to only take out a percentage, I am only 31 so I feel taken at this young age may not be so harmful. I understand high penalties but unfortunately have come to no choice 7000. Is only 1/3 of what I have invested
Does anyone have any info on taking a pieceout or do you have to cash out as a whole
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[QUOTE=rizzaluck]Due to a uncontrolable situation I am in desperate need of quick cash,I need to withdraw about $7000.00 from my 401k is that allowed to only take out a percentage, I am only 31 so I feel taken at this young age may not be so harmful. I understand high penalties but unfortunately have come to no choice 7000. Is only 1/3 of what I have invested
Does anyone have any info on taking a pieceout or do you have to cash out as a whole

You can typically take a loan out against your 401K. Your plan typically sets up limits on reasons and that you usually need to prove some sort of hardship. First thing Monday I'd go talk to your HR person.